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on Aug 14th, 2012 and filed under
While sitting around in our new police interceptors (designed by myself), we decided to give chase to a random crim we spotted driving around town. After signaling her to pull over, she began ramming us and trying to escape. Eventually, it became an all out chase, for fun. It was indeed, incredibly fun. Be sure to like and subscribe if you like the videos, and expect to see MANY more!
I’m female, 25 years of age living Sydney, Australia. Here are my stats:
* I earn $ 80 000 a year (not including Super).
* I have no debt & own my own new car
* I have good credit
* I’m about to make an appointment with a Financial Advisor to buy into some type of Investment (stocks, bonds to start – property later).
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I agree with the other person. You need to have a savings “cushion” before you move into bonds and equities. I don’t know the law in Sydney, but a Roth IRA is a good way to go. If you include securities of one form or another in there, even better.
Basically, the formula for being financially sound is to have enough LIQUID assets to be able to deal with a disaster. :How much could you need in a month’s time? I’d say 40-80K. So, save that much. Do so after-tax. That could be in a traditional savings account making no interest (or very little) or just in cash. After that, think of doing mutual funds. After that, think of doing bonds and equities.
That gives you enough time to think on your own. You can easily save yourself lots of money by investing online, and not through an investment broker. I put 100K into mutual funds at 18 for a commission of $ 7,000. It made sense because I knew nothing. But, in retrospect, I’d rather have the $ 7K.
Also, make sure your credit is being used. Get a credit card and a personal loan, if you don’t already have them. If all else fails, they’d be good for your forward-looking capital structure.
You’re already ahead of the curve by having zero debt and an above average salary. You’re doing just fine. You didn’t mention your savings situation, so it’s hard to tell how good your situation really is.
You’re definitely on the right track by looking into investments. I would lay off the bonds, since you’re young. Stick to mutual funds, etfs, stocks, etc.. I’m not sure of the retirement plans in Australia, but if you were in the United States I would highly recommend you invest in those (401k, roth ira) first as those usually have tax benefits.